B2B Magazine Autumn 2012

Volume 9 Nº 3

Louis Triay Snr “At sea I’m alive” Arresting business is steady.

New air routes bring more capacity.

Gibraltar on evens.

The Quarterly Magazine of the Chamber of Commerce

Contents

In this issue: FOREWORD page 5

· Foreword

NEWS FEATURES page 6

· Louis Triay “At sea I feel I’m alive”

page 10

· Ship arrests - steady business

page 13

· Monarch announces GIB - Birmingham route

page 15

· Gibraltar on evens

Front cover photo courtesy of Sophie Triay

PUBLISHER Copywrite Publishing

CHAMBER NEWS

MANAGING EDITOR

page 17

editor@b2bgibraltar.com

· Local Supermarket steps-up store training for staff · Chamber Directors hold a working lunch with the Chief Minister Fabian Picardo

Jeremy Nicholls

BUSINESS BRIEFS page 19

· Thinking Green

page 20

· B2B Gibraltar talks to Lawrence Isola

page 22

· New Sterling & Euro ATMs in Gibraltar’s busy shopping areas

page 24

· WestMed Insurance expand their business offering

· Barclays olympic fundraising event raises over £5,500 for charity

page 26

· DO de Pago a single-estate of international distinction

· GBC launches new application

page 28 page 29

· Credit Suisse 25 years in play · Castiel Winser – principal intermediary for Aviva Products in Gibraltar · Yin-Yang? As the European crisis deepens, Asia emerges with insight

page 31

· Gibraltar businessman wins Mauritius trip · Hassan’s 3rd Annual Corporate Golf Tournament

ADVERTISING Jane Pizarro sales@b2bgibraltar.com

PRODUCTION production@b2bgibraltar.com

DESIGN Copywrite Advertising

b2bgibraltar.com 9, Cooperage Lane PO Box 935, Gibraltar Tel: 200 41700, Fax: 200 77649 Gibraltar Chamber of Commerce PO Box 29, Watergate House Casemates, Gibraltar

page 32

· EFPG takes on Eurolinx life, pensions & investment business

page 33

· Henk Potts visits Gibraltar to deliver global market update

page 34

· Anglo Hispano Co. Ltd launches new website for trade clients

Tel: 200 78376

· The Olympic Experience

Fax: 200 78403

page 35

· OECD released its report on UK Bribery Act 2010

page 36

· Gibraltar Law firm ranked No1 in Legal 500 · A bright idea from Barclays employees

page 37

· Superyachts - new incentives for registration in Gibraltar

page 38

· Marc Ellul re-elected as Chairman of ATCOM

· Unveiling a world of knowledge

Edward Macquisten Chief Executive

info@gibraltarchamberofcommerce.com B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers

PEOPLE ON THE MOVE page 40

· Baker Tilly announces new appontments

page 41

· Tray Stagnetto Neish welcome Keith Azopardi Q.C. · Times of change at Triay & Triay

page 42

· New finance director at MH Bland Group

page 43

· Anglo Hispano appoint new strategic development manager

3

More than just a Local Broker

“No one wants to die.

Even people who want to go to heaven don’t want to die to get there.

And yet, death is the destination we all share.”

Steve Jobs CEO Apple 2005 having been diagnosed with cancer

Most companies understand the need to protect their premises, contents and vehicles. However, many overlook the protection of their key asset - people.

The fact is, without certain key people many businesses could suffer serious financial loss.

Our range of Business Protection Solutions are designed to safeguard businesses against the effects of losing key people through illness, injury or death.

We can cover loans, partnership or shareholder protection, ‘key man’ cover and overseas workers.

We can also provide policies to cover all employees or for selected individuals.

West Med is able to provide you and your business with the life cover to suit you, whatever your needs.

I N S U R A N C E

S E R V I C E S

Contact Alex Bonavia on 200 79520 (ext. 229) or email abonavia@westmed.gi

Health

I

Life

I

Medical Malpractice

I

Personal & Commercial

I

P.I.

I

Travel

WestMed Lloyd’s Coverholder. WestMed Insurance Services Ltd are a wholly owned subsidiary company of Argus Insurance Company (Europe) Ltd. www.argus.gi/westmed | Registered in Gibraltar Nº 67641 Regulated by the Financial Services Commission Nº FSC00572B

Foreword

Economy The economic news from across the frontier continues to deteriorate and it is looking more and more likely that Spain will need a full EU bailout, following Greece, Portugal & Ireland. The UK continues to suffer as growth goes negative; so the economic storm clouds in Europe are not dispersing but are in fact, sadly, darkening. Here in Gibraltar, where the slowdown has been less noticeable, there are chinks of light as the Government looks to new inward investment, and renewed Government spending to help boost GDP figures.

In times of economic hardship we need to be united as a Business community, and for a successful Gibraltar, the key is stability and calm diplomatic pragmatism, on all fronts.

Frontier workers That said there are still issues which continue to affect our business community: This summer, and continuing into the autumn, saw frontier “ups and downs” with an inconsistency of flow which is very frustrating for all those making the daily crossing. There

are huge numbers of foreign workers crossing each day, some say the figure is 8,000, but however many it may be, one thing is certain, without them Gibraltar would need to look elsewhere for its labour, as it has indeed done in the past. As we stated in our 2009 Impact Study, Gibraltar is the largest single employer in the Campo de Gibraltar and without the jobs in Gibraltar, life in the Campo would be even tougher. It is therefore sad to see all the frontier workers, whatever nationality, being subjected to lengthy queues after a hard day’s work. The Chamber advocates a system of Red and Green channels, not just for cars, but also for motorbikes and other modes of transport and also, importantly, a more dignified and 21st century frontier fit for Europe. Gibraltar needs a strong working relationship with our neighbours and it is hoped that we will soon see Tripartite talks start again, for the good of all parties.

New Airport: Open for Departures Our new airport is now open for departures, which is great news for travellers and businesses alike. This iconic arrival point, for visiting investors and business people, is let

down by the poor Taxi service (high on the Chamber’s Election wish list). We need a modern, effective and efficient taxi service that provides for all areas of the local economy, and not just for tourism. Let us hope now that airport arrivals and departures are from one place, not two, we will be able to provide a reliable service for arriving or departing, locals and visitors, alike. First impressions are of the utmost importance.

Power supply The Chamber continues to lobby Government for a new, permanent, longterm solution to our power generation requirements and an upgraded grid. The Chamber has long championed the idea of plugging in to the European grid as an alternative to a new and expensive generating system. For example, in today’s modern Europe, the French sell power to the British and the Germans buy from Norway.

Power is a deregulated market; electricity can be transported across countries.

Alongside this there are much greener alternatives, coming from sustainable, renewable generation; be it wind power from the Shetlands or photovoltaic power from the Sahara, we need to think outside the box, as the Chamber has advocated for some time.

New Air routes On a positive note the Government is to be commended on the new Monarch airlines route from Birmingham to Gibraltar. This neatly fills the gap left by the BMI sale to BA and brings back a central United Kingdom departure point for business and tourist travellers alike.

The GE 50-megawatt parabolic trough concentrated solar power plant using molten salt energy storage in Badajoz, Spain.

In another move British Airways upgraded it’s commitment to the Heathrow – Gibraltar route with the addition of 2 extra flights per week from the start of the upcoming winter schedule; this shows their continued confidence in the Gibraltar route. It is hoped that soon it will be possible to make a return trip from the UK on the same day, as well as other European connections.

5

News Features

Louis Triay.... “At sea I feel I’m alive” retains a passion n the wall in the lobby of the O and energy and Gibraltar law firm Triay zest for life that Stagnetto Neish hangs a photograph of would put most a yacht called Trumpeter of the Rock. men half his age The image shows the boat racing at to shame. He still speed in her element. She is leaning sails regularly heavily to port, her gunwale close to the and recalls a surface of the choppy sea, her sails filled recent regatta with wind. On the deck, a group of where he crewed figures is captured in a carefullya Victory-class choreographed tangle of arms and legs, Louis Triay yacht together each crewman engaged in a specific with his son, task, a team frozen in time as it battles Louis, and his 15-year old grandson, to fend off a broach in extreme Sebastian, three generations at sea. They conditions. In the centre of this nautical came second, he recalls, but Sebastian at the ballet stands a figure leaning forward in the cockpit, hands gripping helm tightly, eyes focused ahead in intense concentration.

The Trumpeter of the Rock This is Louis Triay, at one with his beloved Trumpeter and his crew.

that if you’ve got a fair amount of intelligence you should be able to pick it up first time and get it right. But I don’t demand of others what I’m not capable of doing myself.”

I like perfection.

I like things well done and I hate it when people repeat mistakes.

“At sea I feel I’m alive,” Louis (he asked me to address him by his first name) says. “When you’re ashore, you’re either walking or you’re riding your moped or driving a car. When you’re in a sailing boat, you’re moving along with no sound. It’s the movement, the smell. It’s just everything about the sea.”

You have to go back in time over six decades to trace the beginning of Mr Triay’s lifelong love affair with the sea. He was taught the basics

by Willie Piccone and cut his teeth sailing locally before going on to represent Gibraltar and Spain in international competitions. His friend Gonzalo Fernandez de Cordova y Larios, the Duke of Arión, crewed for him in local dinghy races and then he returned the favour by crewing in Snipe-class races in Spain. Between 1959 and 1962 they won the Spanish National Championships and, remarkably perhaps, no one ever enquired as to the presence of a Gibraltarian in the winning team. The two went on to represent Spain in two European championships and two world championships – Brazil in 1959 and Long Island Sound in US 1961. “We were both naturals and we’d both had the same fantastic teacher in Willie Piccone,” Mr Triay says.

The photo in the lobby of the law firm in Town Range goes back some years but, at age 83, this veteran Gibraltarian lawyer

6

helm “…had a beautiful race battling with the third. Sebastian is a natural, and he was loving it.” Nothing makes him prouder.

The photograph of Trumpeter at sea is a special image that not only captures what, for Mr Triay, is the essence of sailing, but also sheds some insight into the kind of man he is ashore. Over six decades since he was called to the Bar at the age of 21 and took silk in 1982, this octogenarian is still at work in the law firm which he helped found and which is now one of the main firms in Gibraltar, with an excellent local and international practice. A courtroom bruiser with a no-nonsense approach to life and work, Mr Triay does not hesitate when asked to describe himself. “I’m a tough task master on a boat and ashore,” he says, laughing. “I like perfection. I like things well done and I hate it when people repeat mistakes. I feel

Photo courtesy of Sophie Triay

This no-frills approach has its roots in his early professional life. At age 17 he read law at University College , London and was called to the Bar at Middle temple in January 1950. After practising for six months in England handling criminal cases as a newly-qualified barrister, Mr Triay returned to Gibraltar and established his chambers on the ground floor of the family home at 290 Main Street. He was equipped with nothing more than a second-hand edition of the laws of Gibraltar and a Stones Justices manual that he had been gifted by his uncle, Sergio Pelayo Triay, KC.

News Features

“I was thrown in at the deep end and it was either sink or swim,” he says.

In the event, he swam. And well. Louis Triay went on to become one of Gibraltar’s most successful advocates and a key figure in the development of the finance centre. As a minister in the Legislative Council in the 1960s, he introduced the legislation creating the tax exempt company that in 1967 helped establish Gibraltar as a centre for financial services. This vehicle was in place for several decades and has only recently – under sustained pressure from Brussels and the

OECD – been replaced by the flat 10% corporate tax regime.

Louis recalls that the idea to offer fiscal advantages in Gibraltar developed as a result of his international legal work helping clients structure their tax affairs using jurisdictions ranging from Liechtenstein to Panama. It struck him that Gibraltar was geographically well placed to handle this type of business, so he looked into creating a special vehicle that gave tax privileges to people who were not resident on the Rock. Thus the tax exempt company was born.

He concedes that tax avoidance has been much criticised over the years, most recently this summer in the British press after the Times of London ran a series on how prominent public figures were using tax vehicles in the Channel Islands to legally minimise their tax bills, to the detriment of the UK public purse. Such was the public outcry that UK Prime Minister David Cameron waded in with sharp criticism on the morality of such practices. But for Louis, that argument was flawed. “Leading judges in England have always held that every man is entitled to organise his affairs so as to minimise his tax liability,” he says. “If the law allows you to do that, then don’t come and say it’s morally wrong. If it’s morally wrong, change the law. But if it’s legal, whether it’s moral or immoral is neither here nor there.”

Although finance work has formed the mainstay of his professional life, Louis is at heart a criminal lawyer, happier in a courtroom than in an office or a boardroom.

He recalls fondly one of his first major cases which, by coincidence, made the pages of the Chronicle again this month in a column on Gibraltar history written by Tommy Finlayson.

Mr Finlayson recounted the tale of the British Merchant ship Athelduke, which had left Gibraltar on September 5, 1952, bound for New Orleans only to run into trouble the following day.

About 100 miles west of Gibraltar, the ship had radioed that there was strife with the crew and had asked for naval assistance. The sloop Alacrity, which was not far away, had put an armed party on board and escorted the ship back to Gibraltar. On September 8, seven members of the Athelduke’s crew appeared at the Magistrate’s Court facing a number of charges including assault on the master, Captain Colville Ferguson, and the ship’s officers. The sailors were represented

by Louis. “That was one of my first major cases,” he recalls. “I was only 22 at the time.

I was doing a lot of criminal work and cross-examination was my forte.”

The look-back piece in the Chronicle reported that the seven men were jailed for their crimes but Louis recalls it differently -most of them got off. (Louis remembers during cross examination being pounded on the back by the Captains wife shouting ‘leave him alone’) He says the men had not been allowed ashore for the best part of a year, hence the near mutiny on board. The case made the front page of the Daily Mirror, recounted on the left side of the paper next to the story about Farnborough Air Show Crash. “It was a major occurrence because it was the first time in I don’t know how many years that there had been a near mutiny on a merchantman.”

So what makes a good criminal lawyer?

Essentially you have to be clear in your mind what your clients instructions are and need to know your facts. Of course you need to know your law and have it applied to those facts. Beyond that, a good criminal lawyer must master the art of cross examination to elicit favourable evidence and disregard evidence that is unhelpful..

“You’ve got to be able to cross examine witnesses, particularly prosecution witnesses who you feel are being economical with the truth,” he says. “If your client says he’s innocent but the prosecution witnesses say he did it, then you’ve got to demolish them.

Each witness must be evaluated carefully” There is, he recognises, an element of theatre to a courtroom appearance. But the cut and thrust of courtroom exchanges is not for every lawyer, and it takes an emotional toll even after many years of practice.

As an aside while talking about his courtroom days, Louis recalls performing on a different stage, this time as a member of the cast in an amateur dramatics performance in Gibraltar.

He still retains the programme for the play, Jack Roffey’s ‘No Other Verdict’, performed

by The Crown Players at the Calpe Institute in 1955. It is, as the title suggests, a courtroom drama, the story of a murder trial peopled by lawyers, a judge, policemen, a defendant and witnesses. Louis plays the part of Police Superintendent Jack Wilding, who is described in a review in the Chronicle as “...a strong character but not a bully....able to walk the narrow path between duty and friendship without slipping up.”

There is little nostalgia or sentimentalism in Mr Triay’s voice as he recalls his days in court,

7

News Features

good friends.” The frontier was opened without any preconditions following a meeting in Geneva.

but he admits that he misses them. To make up for that, he seeks out lively conversation and social interchange wherever he goes.

Whenever he gets the opportunity to speak publicly, he does so with panache and conviction. In private too, he likes to spice up any social engagement. “With friends you don’t try and impose yourself, but you may sway the conversation,” he says, with a glint in his eye. “You throw a ball across. I love doing that.”

Louis believes that personal contact is important in order for each side to understand the other’s position. If he could facilitate that, he would.

Asked if he was something of a diplomat at heart, he shrugs in the affirmative but replies with a caveat: “A diplomat, maybe, but with a fist in a velvet glove. The fist is always there.”

Having watched Gibraltar-Spain relations for many decades, both from the inside of public life and from the outside, Louis has valuable insight into this often-thorny issue. He says the so-called ‘Gibraltar problem’ always surfaces when there are problems internally in Spain.

As a self-confessed extrovert, he enjoys new situations and says that the ability to be social is a key attribute for a lawyer, and in life generally.

“You’ve got to be natural,” he says. “I love people and communicating with them. I believe that everybody has something to offer. I hate waffling and I don’t like putting up with boring situations. I try and be diplomatic, but I’m known as a person who speaks his mind.”

Louis Triay

As a young lawyer, relations and in Louis stood for dialogue,” he says. election as an ....we can’t live in independent and won One example: He a place in 1964 on the isolation from Spain brought to the attention Legislative Council, of King Juan Carlos of the precursor of what Spain, with whom he had is now the Gibraltar sailed, the fact that there Parliament. He took was no telephone the decision to stand communication between because he could Gibraltar and Spain. The King interceded and sense the tough stance that General Franco’s arranged a meeting with the then President Spain was about to take on Gibraltar and he Adolfo Suarez - telephone lines were wanted to work to avoid the collision that he restored that same year. could see coming. It was, he reluctantly admits, “an impossible task.” By 1965, Louis Another example: In the run-up to the was a minister in the coalition government opening of the border, Louis also arranged a which he helped to form with responsibility meeting at home between Sir Joshua Hassan for the port and trade. and Paco Mayans, a Spanish friend from his student days in London who later served in His prominent role in Gibraltar life and his the Spanish Ministry for Foreign Affairs. As many contacts in Spanish high society meant that Louis Triay often acted as a back channel local writer Mike Brufal noted in a welldocumented piece on Mr Triay in the of communication from one side of the Gibraltar Magazine, the two-hour meeting border to the other and back again. It was went well and Sir Joshua and Mr Mayans perhaps an inevitable consequence of his “…got on like a house on fire and became character, “I’m a great believer in human

8

“But there is no such thing as the Gibraltar problem,” he adds. “We haven’t got a problem in Gibraltar. We’re perfectly happy with our present status.

We’re a self governing territory. We have a government that is responsible for practically everything except foreign affairs and defence. We are a product of history like Monaco and Andorra we’re here and there’s no denying the fact that we’re here. We are a community, a cohesive community, with a culture of our own. In a way we’re like a miniature United States. If we were larger than the three square miles, there wouldn’t have been a problem. It’s just our size.”

In conversation on this subject, Louis easily bats aside the hardened positions common on both sides of the border. To Spanish nationalists, he says that the treaty of Utrecht on which they hinge their core position on Gibraltar “…is an old piece of paper by now.” And to those in Gibraltar who would turn their back on Spain, he reminds them “…we can’t live in isolation from Spain.”

He believes Spain will in time change its hostile attitude toward Gibraltar, not least as European countries sacrifice more of their sovereignty and seek greater political collaboration in the face of the economic crisis.

“I think that as countries lose more of their sovereignty to a central body, in the long term that hostility will cease,” he says and adds with a wry smile “I hope it happens in my lifetime!”

BARCLAYS. A BANK WITH A TRADITION OF STRENGTH. At Barclays, we offer unrivalled local expertise with international reach. Our Gibraltar operation is part of an A+ rated* organisation with over 335 years of history and more than £164 billion** in assets under management.

Our highly experienced professionals use their collective wisdom to deliver seamless banking and corporate solutions to local and international clients, empowering them to achieve success.

Barclays has been a leading name in the finance industry in Gibraltar for over 120 years, and our team in Gibraltar is also the gateway to the wider range of support and expertise available from Barclays globally.

To find out more about how Barclays can help, go to barclays.com/wealth or call us on +350 200 41222***.

*Standard and Poor’s rating. **Barclays PLC – 31 December 2011. ***Calls divert to our Servicing Centre in the UK. Local rate applied. Lines are open 8am to 5.30pm Monday to Friday UK time, except on UK bank holidays. Calls may be recorded for training and security purposes. Barclays offers banking, wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England and is authorised and regulated by the Financial Services Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Gibraltar Financial Services Commission to conduct banking and investment business in Gibraltar.

News Features

Ship arrests - steady business n the waterfront in Gibraltar, O there is clear evidence that the global economic downturn has hit some international shipping companies hard.

Gibraltar’s Supreme Court has handled a steady stream of admiralty cases since 2008 and there may be more to come. “We’ve seen steady business for three years now,” John Restano, a partner at Hassans, told B2B. In this sector, business means ship arrests. When ship owners run into financial trouble, mortgage lenders are sometimes left with no option but to seize a vessel in order to recoup the debt.

Gibraltar has a good reputation as a jurisdiction where admiralty cases are dealt with swiftly and efficiently under British law.

Among other benefits, the fast turnaround helps protect the equity in a vessel. That, coupled to an John Restano unrivalled geographic location overlooking the busy Strait of Gibraltar, means it is a jurisdiction of choice in troubled times.

It also makes the Rock a potential barometer of a wider malaise in the industry. During shipping’s recent boom years, admiralty work was slow in Gibraltar. The few arrests that did materialise were as a result of contract disputes or breaches of charter parties, with owners or insurers settling the amounts quickly and avoiding forced sales. That has now changed and many banks are increasingly nervous about their shipping clients.

“The recession has been so deep that to some extent everyone has been feeling their way through it, and we’re still seeing that,” said James Ramagge, a partner with Triay & Triay. “I would say that we’re still very much in the middle of the storm and banks are being very cautious and calculated at the moment.” Even so, “there is not a great appetite for arrest unless their hand is forced.”

Mr Ramagge said the focus wherever possible was on helping owners by restructuring loan repayments, for example by suspending capital repayments and

10

focusing on interest only. He said banks were being cautious because of a number of factors, including the reduction in value of the vessels in shipping segments that were most affected by the slowdown.

Christian Hernandez

vessels have sold at auction for decent prices. “Within the boundaries of a bad market, we’ve seen relatively good prices at auction,” Mr Ramagge said. The number of private treaty sales has also increased. In these cases, a vessel is arrested and sold on pre-agreed terms. It is another indication that banks are being cautious about their approach to owners with financial problems.

“It indicates that the arrest is the result of a long period of negotiation and discussion,” he added.

Crews also benefit from the local framework for arresting ships.

When shipowners run into financial trouble, crew costs are among the first things that take a hit. As a result, maritime lawyers in Gibraltar said they were coming across a James Ramagge growing number of cases where crews had been left in hardship.

Many were owed months of unpaid salaries. Others were surviving in minimal supplies and provisions.

“We are seeing that crews are often being left with much larger wage amounts outstanding,” Mr Ramagge said. “Some vessels are being run on a We are seeing a lot of shoestring.” “It’s an issue that is coming to the fore and is banks worried about making the initial stages of an arrest more delicate.” “Crews their owners and are often rightly frustrated and that means that tensions we’ve been busy are higher.”

Christian Hernandez, a partner with Gibraltar law firm Isolas, echoed that view. He said that while the unease in the market was evident, it was not always resulting in arrests. “We are seeing a lot of banks worried about their owners and we’ve been busy,” he told B2B. “But not as busy as we might have expected.”

Gibraltar’s legal community is tightly knit and has a close working relationship with court staff, who are well-versed in the intricacies of admiralty law and try to give priority to shipping cases wherever possible. In cases where vessels have to be sold, this can be done by way of public auction at the hands of a UK broker, or by private treaty in which two parties agree terms within certain restrictions. In both cases, creditors including crews, who take priority - are able to claim against the proceeds of sale.

Although vessel values are depressed,

The reality is that Gibraltar is among the best places that a crew could hope their vessel to be arrested in. Gibraltar follows British admiralty law and crew claims take precedence over other creditors in the pecking order once an arrested vessel is sold. Between initial arrest and sale, the Admiralty Marshall covers all basic needs.

Seasoned lawyers know that managing crew expectations in order to minimise tensions and avoid unexpected pitfalls is a key element of any arrest. “Much of what makes for a successful ship arrest is the logistical arrangements you put in place beforehand,” Mr Hernandez said. That includes everything from obtaining details of the crew and what money it is owed, to establishing repatriation requirements swiftly. “Ultimately, it all helps to keep costs down,” Mr Hernandez told B2B.

Location: Main Street Sale: £2,250,000 A unique opportunity to acquire this freehold property comprising 3 levels, in Main Street. Exclusive to Chesterton, the property offers a commercial retail space on the ground floor with vacant possession, together with a large entrance hall rising to 2 floors of residential space, currently distributed as one very large single residence with ample terracing.

The property offers development potential subject to local planning requirements.

T: + 350 200 400 41 F: + 350 200 440 11 enquiries@chesterton.gi

20 Ocean Village Promenade Gibraltar chesterton.gi

Tried & TrusTed pracTical legal soluTions since 1905

Corporate, Commercial & E Business Shipping and Admiralty Dispute Resolution Property Family

• •• •• •• •• •

Intellectual Property & Trademarks Private Client & Tax Financial Services Employment Criminal

Triay & Triay, 28 Irish Town, Gibraltar • Tel: +350 200 72020 • Fax: +350 200 72270 • www.triay.com • info@triay.com

25 Years of excellence in Gibraltar credit suisse (Gibraltar) limited, neptune House, Marina bay, Po box 556, Gibraltar. tel: +350 2000 4000 www.credit-suisse.com/gi Credit Suisse (Gibraltar) Limited is authorized and regulated by the Gibraltar Financial Services Commission to provide Banking and Investment services.

News Features

Monarch announces GIB - Birmingham route Day Monday

Tue

Wed

Thu

Fri

Sat

Sun

Flight No. ZB574(a) EZY8903 BA490 ZB062 ZB574(b) EZY8903 BA490 ZB574 EZY8903 BA490 EZY8903 BA490 ZB068 EZY8903 BA490 ZB574(c) EZY8903 BA490 BA492 EZY8903 BA490 BA492 ZB062(d) ZB062(e)

Airline Monarch easyJet British Airways Monarch Monarch easyJet British Airways Monarch easyJet British Airways easyJet British Airways Monarch easyJet British Airways Monarch easyJet British Airways British Airways easyJet British Airways British Airways Monarch Monarch

Gibraltar Winter Flight times from Dep. NOVEMBER 2012 onwards.

Arr. From Flight No. To 10.55 11.05 14.05 18.55 18.55 11.05 14.05 10.55 11.05 14.05 11.05 14.05 11.10 11.05 14.05 18.10 13.05 14.05 16.05 11.05 14.05 16.05 18.05 18.30

Manchester Gatwick Heathrow Luton Manchester Gatwick Heathrow Manchester Gatwick Heathrow Gatwick Heathrow Luton Gatwick Heathrow Manchester Gatwick Heathrow Heathrow Gatwick Heathrow Heathrow Luton Luton

11.40 11.40 14.50 19.40 19.40 11.40 14.50 11.40 11.40 14.50 11.40 14.50 11.55 11.40 14.50 18.55 13.40 14.50 16.50 11.40 14.50 16.50 18.50 19.15

ZB575(a) EZY8904 BA491 ZB063 ZB575(b) EZY8904 BA491 ZB575 EZY8904 BA491 EZY8904 BA491 ZB069 EZY8904 BA491 ZB575(c) EZY8904 BA491 BA493 EZY8904 BA491 BA493 ZB063(d) ZB063(e)

Manchester Gatwick Heathrow Luton Manchester Gatwick Heathrow Manchester Gatwick Heathrow Gatwick Heathrow Luton Gatwick Heathrow Manchester Gatwick Heathrow Heathrow Gatwick Heathrow Heathrow Luton Luton

Key to schedule: Operates from 12 November Operates from 09 November Operates from 11 November

onarch Airlines (ZB) recently M announced that it is to commence three weekly flights to Birmingham (BHX) with effect from 23 March 2013. The flights will reinstate the link with the UK Midlands which was lost when bmibaby ceased its service to Nottingham East Midlands (EMA). Flights to Birmingham will operate on Tuesday, Thursday and Saturday. The schedule - BHX-GIB ZB446 0635-1030 GIB-BHX ZB447 1115-1310 Kevin George, the airline’s Managing Director said that “We are delighted to be introducing what we are sure will be a popular route. We have carried out a lot of research to understand the routes our customers want and we are confident that a service from Birmingham to Gibraltar will meet their demands.”

Allocated Seating on easyJet After a much publicized trial on a limited number of routes over the peak summer season, easyJet has confirmed that it is to introduce allocated seating on all of its services by the end of November. The airline had decided to undertake the trial as a result of research, which found that the scramble for seats could be stressful and a major

Operates on 05 November only Operates on 04 November only

source of negative feedback. The airline was keen to establish whether changing to full seat allocation would slow boarding and impact its punctuality with short ground turnarounds.

Under the new system the airline will allocate all seats on its flights. Passengers will be able to pay to select a seat in advance or be allocated a seat upon check-in. The airline will retain its Speedy Boarding system. The fee for extra leg room or up front seats will include Speedy Boarding. In addition, passengers who hold easyJet plus cards or who have booked flexible fares will be able to reserve standard seats without charge and to continue to use Speedy Boarding. Roll out of the new system will be staged during November. easyJet’s Chief Executive, Carolyn McCall noted that “Allocated seating gives all our passengers a better boarding experience and offers the choice of selecting a seat to those who want to. On trial flights the majority of passengers were simply allocated seats when they checked in. Some passengers chose particular seats, with bestselling seats usually those near the front and exit row seats with their extra legroom.

We are confident this move will make our

current passengers happier when flying with easyJet and will attract new passengers to fly with us in future.”

It will be interesting to see whether the airline’s competitors, most notably Ryanair, will follow suit.

And Finally…

Ryanair’s CEO Michael O’Leary could hardly be described as publicity shy but even he raised eyebrows at a recent EU Convention.

Dismissing checked baggage as ‘the most useless service ever invented by mankind’ he mocked the idea of transporting passengers’ bags on the same aircraft and giving them back on arrival; ‘unless of course you flew British Airways, in which case they lose 50% of them in between.’ Ryanair, he said, believes ‘Why don’t you take your bag with you yourself, and then if you lose it, you go find it.’ But if you insist on checking in your baggage, there will be charges…’not because we want your money, we just don’t want your bl@@dy checked in bag!’

Article by Brian T Richards, atc@briantrichards.com

13

Qu

a l it

yc yo ommun u ca ications n rely o n

News Features

- Extensive portfolio of fixed, mobile and internet services - Resilient local and international communications - Dedicated staff providing high levels of customer care - 24/7 technical support, network monitoring and call centre services

Tel: 20052200 www.gibtele.com 14

Fixed - Mobile - Internet

News Features

Gibraltar on evens I t’s been a great summer of sport with things kicking off in early June with Euro 2012 and culminating with both the Olympics and Paralympics in London. As expected, the England football team managed to disappoint – despite low expectations – but British excellence in sport was maintained with Olympic and Paralympic gold medals galore and a very recent and historic win for Andy Murray in the US Open tennis.

Gambling operators in Gibraltar will have seen these events influence the size and shape of their businesses as the rest of us lapped up the fantastic action.

horseracing remains right at the heart of many gambling businesses stationed in Gibraltar. Meeting this demand can be traced back to the dawn of the entire industry here; back to Victor Chandler setting up on the Rock to much fanfare and further back to Ladbrokes’ arrival here in the early nineties. We shouldn’t overlook this force in the sector and examine ways to utilise it in order to maintain a steady commercial ship in Gibraltar to the benefit of everyone concerned.

online gaming market – that supplied to the UK – and the damaging effect it could have on the prospects of the consumers currently enjoying market conditions there. While the Downing Street Cabinet reshuffle may be seen as beneficial, there remains a serious and important job to be done by all the operators, their advisors and the politicians.

Meanwhile Germany can’t make its mind up about properly legalising remote gambling, the USA thinks it can but cannot and Spain has started issuing licences and getting what

The horrid summer back in the United Kingdom will be seen as a blessing for most of our betting firms for a number of reasons, not least of which will be the positive impact changeable weather has on horse racing results (positive for the bookmaker that is). Meanwhile a horse called Frankel has continued to wow racing fans in England and annihilate his rivals in devastating fashion in top class events.

While the Downing Street Cabinet reshuffle may be seen as beneficial, there remains a serious and important job to be done by all the operators, their advisors and the politicians.

Winning races at Royal Ascot, Glorious Goodwood and the York Ebor meeting by huge margins, many experts believe Frankel is the best racehorse to have ever graced the turf. That really is saying something! Serving customers who wish to bet on UK

As reported in April, proposals by the United Kingdom to introduce a Point of Consumption Gross Profits Tax are a clear threat to the wellbeing of many of our companies and the wider economy in Gibraltar. This says nothing of the potential disruption to the world’s best regulated

is termed “back tax” from those wishing to participate in the new legalised market there.

In Italy things seem to be clearer although the economy there is also in turmoil while Denmark, only a small market, seems to be going great guns. “Oh to be a gambling regulatory officer!” our e-gaming insider told B2B.

15

IMAGINE A BANK Imagine a bank where your interests really do come first.

Imagine a bank without risky sovereign debt or toxic assets on its balance sheet.

Imagine a bank whose owners have personal liability for its actions.

Imagine a bank that’s been looking forward for seven generations.

Imagine a bank that manages and protects your family’s wealth.

Welcome to Lombard Odier.

Private Bankers since 1796 Geneva · Amsterdam · Bermuda · Brussels · Dubai · Frankfurt · Fribourg · Gibraltar · Hong Kong · Lausanne · London Lugano · Luxembourg · Madrid · Milan · Montreal · Moscow · Nassau · Paris · Singapore · Tokyo · Vevey · Zurich Lombard Odier & Cie ( Gibraltar ) Limited Suite 921 Europort · P O Box 407 · Gibraltar Telephone +350 20073350 Regulated and authorised by the Financial Services Commission, Gibraltar.

Chamber News

Local Supermarket steps up store training for staff It may be 1200 miles or so from head office but the local branch of Morrisons supermarket upholds the same standards of training and customer service as it does in its UK stores.

The Challenge 25 scheme trains all staff who operate cash tills to ensure that customers who are under age cannot purchase restricted products. The scheme forms part of the company’s Corporate and Social Responsibility policy. As a company listed on the London Stock Exchange the company is obliged to include a CSR statement in its annual report and accounts and this can also be found on its corporate website.

Morrisons re-introduced the Challenge 25 verification policy in November 2011. The company goes to great lengths to ensure that it operates within all legal frameworks where they operate. In order to make it easier for staff to avoid doubt the company also sets higher barriers of proof than the legally required limits. One example is the company’s Challenge 25 age verification policy. If a customer looks under 25 years of age the cashier will ask the customer to

prove that they are over 18 years old before being allowed to purchase restricted items such as alcohol.

The company sells a range of restricted products which is broader than just cigarettes and alcohol so it has to ensure that its’ staff know what is permitted under the law. Every Checkout Operator has to undergo training and then pass a simple but quite thorough test. The store’s policy is simple: if a member of staff does not pass the test then they cannot work on the tills.

The training has been designed by Morrison’s Retail Academy in the UK which designs and delivers all of the company’s training programmes. The emphasis of the training is to show the effectiveness of teamwork and is very much customerfocused. The training is conducted in groups in the Westside store’s training room and involves an initial 2 hour interactive session with all members of staff, followed by 1 hours refresher training every 3 months.

All around the walls of the training room are various posters and charts. One poster in particular is on every wall: stressing the

importance of “H.O.T. Service” meaning Hello, Offer and Thank you. This was developed as part of the company’s Coaching for Service programme to create warm and friendly service to customers.

Since it was introduced in 2011 over 110,000 of the company’s staff have undergone coaching in these skills. The company is pleased with the results: a 56% rise in the number of customer compliments received and the biggest jump in service scores conducted by mystery shoppers on behalf of the industry’s trade magazine The Grocer.

Challenge 25 sessions combine a blend of new and experienced sales staff to foster teamwork and enhance the learning experience. Maria Tibbs, the store’s Checkout Manager, kicked off the training session with an overview of why Challenge 25 is important for all staff. “Getting it wrong could have dire consequences for staff, the company and the company’s reputation. It is a risk-based approach and the company has very clear rules on what is permitted. The company takes its responsibility seriously and ensures that staff are fully trained”. B2B was told.

In September the Chamber Directors held a working lunch with the Chief Minister Fabian Picardo

17

Reliable...

Resilient...

Reassuring...

Gibraltar need not be your telecoms weak link. Our network has been designed from the ground up to address regional service issues with an inherently resilient design and world class partners.

for more information Sapphire Networks Suite 3.0.3 Eurotowers, PO Box 797, Gibraltar Tel: +350 200 47 200 info@sapphire.gi www.sapphire.gi

If your business depends on the Internet or local and/or international leased lines, talk to us - we will tailor a solution to meet your needs... at the right price!

Unmatched resilience comes as standard!

Business Briefs

Thinking Green

The Government of Gibraltar believes that we need to move from seeing sustainability as a cost or a hindrance to recognising that it is a key driver of innovation. There is a need for new sources of growth that are environmentally sustainable – for example in sectors such as renewable energy or eco-tourism.

In order to promote this idea locally, the Thinking Green conference will feature a trade fair where companies and sponsors can showcase and promote their products and services. Due to the high profile of the event this is an ideal opportunity for companies to introduce and promote their brands if they offer environmentally friendly goods or services or if they have adopted environmental and sustainable practices.

Companies interested in participating in the trade fair should contact the Department of the Environment on 20045769 or via e-mail on info. environment@gibraltar.gov.gi

Former US Vice President and Nobel Prize winner Al Gore

This October the Government of Gibraltar will be hosting the Thinking Green conference: the first environmental forum of its kind to be held locally. The aim of the conference is to promote the concept of a “Green Economy” which promotes a triple bottom line: sustaining and advancing economic, environmental and social well-being. Featuring renowned international speakers, the conference will take place on Sunday 21st October at the Tercentenary Hall.

Former US Vice President and Nobel Prize winner Al Gore will present “Thinking Green: Economic Strategy for the 21st Century”. Arguing that the physical changes we are experiencing affect our global economy, Gore will be encouraging the audience to look beyond simple GDP as the sole measure of progress and consider broader issues – environmental, social and political – when setting business strategies.

Juan Verde is the former Secretary of State for Europe and Eurasia at the US Department of Commerce. He will present the policies of the Obama administration on renewable energy and explain how the US elections will affect the European economy.

Juan Verde is the former Secretary of State for Europe

It is recognised that the transition to a green economy will require significant upfront investment in renewable energy production, efficient use of natural resources and innovative technologies as well as a fundamental shift in thinking about growth and development and consumer habits. The UNEP report “Towards a Green Economy” suggests that it could take up to 2% of the global GDP, however, when the full costs and benefits over time are taken into account, many Green Economy solutions will be seen as more attractive than their more traditional counterparts. It is hoped that this event will serve to encourage local businesses to incorporate environmental considerations into the heart of their economic policies.

Further details on tickets and the day’s proceedings can be found on the event website: www.thinkinggreen.gov.gi Follow us on Twitter and Facebook – just search “Thinking Green”

19

Business Briefs

B2B Gibraltar talks to Lawrence Isola B2B Gibraltar talks to Lawrence Isola about Gibraltar’s Telecoms sector, how it has evolved in the last ten years and what lies ahead.

“The Gibraltar Telecoms sector has evolved enormously over the years ” Lawrence told B2B. “In the late 90’s, we had an interest in the small internet provider Gibnet. This company originally introduced the Internet to Gibraltar when most people did not really understand its potential.

The local Telecoms market was not properly liberalised either.“

relatively poor quality of internet connectivity required them to temporarily allow for licensees’ servers to be kept in other jurisdictions. Once Sapphire established itself as a credible alternative, it helped both Government and Regulator to enforce their own rules and at the same time attract more of the quality players to Gibraltar, basically resulting in more business for us all.”

Among Lawrence´s other business interests, he represents the landlords of Europort and Atlantic Suites, home to the biggest commercial business centre in

Sapphire today is now

“Gibtelecom saw real competition, and in fairness, their services also began to improve. My argument with those who I knew at Gibtelecom was always that we were all going to share in the growth because we were all contributing to it. Today, everybody accepts that having several providers in a jurisdiction is not just important but necessary, and it gives ‘Gib Inc.’ much more credibility internationally.

Sapphire took huge risks in the early days and at the time we had to swim against a very strong current … today we are benefitting but there is still much to do if we are to maintain our position” said Lawrence.

established as a credible primary internet provider.

Gibraltar: “One of the first big gaming companies who set up here was 888. John Anderson, the then chairman, regularly visited me to vent his frustrations as they were suffering an average of two hours Internet outage each week. For a business totally dependent on the internet, this was a major issue which influenced us to invest in a new, much needed telecommunications company which we named “Sapphire”. In those days, Gibraltar desperately needed an alternative internet provider, not only for competitive reasons but also because at that early stage of e-gaming growth in Gibraltar, it became evident that the quality and resilience of connectivity was crucial if Gibraltar was to continue to develop and attract new e-gaming business.” Lawrence went on to say, “Even the Gaming Regulator at the time struggled to impose full compliance of licensing terms because the

20

“When Sapphire was starting up, we were supposed to be allowed to use the incumbent operator’s ducts under Gibraltar’s streets for the roll out of our network but in reality, this was unworkable. They were always “full”... It did not take long before the decision was taken to do things ourselves and this was time consuming and very costly.

We ended up investing in our own network infrastructure and that was probably the best thing we did. We now own our fibre network around the Rock as well as a significant fibre

network in Spain – we also rent fibres that take us up to Madrid through multiple diverse circuits. There are huge advantages that come from being able to control and run your own network and this enables us to do things our competitors cannot …” he went on to say, “We have effectively become a boutique provider particularly focused on the services we provide to e-gaming companies and to other businesses requiring quality connectivity. We continuously interact with the e-gaming community and with their IT departments. A year and a half ago, we joined LINX in London and AMS-IX in Amsterdam, the two most important internet exchanges in Europe. This enabled us to ‘peer’ directly with other major ISPs in places where our clients’ customers are based. People playing in Manchester e.g. with bwin. party products are a single ‘hop’ away from Gibraltar …

Manchester to London (where Sapphire are represented at LINX) and on to Gibraltar via Madrid. This hugely increases the reliability of communication between player and company … the fewer hops, the quicker and cleaner the passage. We reach the top nine UK ISPs in this way accounting for nearly the whole UK broadband market including Sky, BT and VirginMedia!

When B2B asked why he had not publicised this fact, Lawrence responded … “our customers are kept well informed through regular personal contact … and they are delighted with the news!”

As for the future, B2B were advised there were some interesting surprises in the pipeline for all consumers, especially local businesses, which would be announced early in 2013. In the shorter term, Sapphire have recently invested significantly in data centre co-location facilities and will very shortly be offering specialised services at their new facility in Europort where Lawrence concludes by saying … “the advantages of the modern, robust and well maintained infrastructure facilities in Europort are perfect for these activities and unmatched anywhere else in Gibraltar.”

TRIAY STAGNETTO NEISH Barristers & Solicitors

Burns House, 19 Town Range, Gibraltar Tel: (+350) 200 79423 / 200 73530 Fax: (+350) 200 71405 Email: tsn@tsnlaw.com www.tsnlaw.com

Business Briefs

New Sterling & Euro ATMs in Gibraltar’s busy shopping areas Raphaels Bank offer fast access to Sterling and Euros across the Rock Leading foreign exchange specialist, Raphaels Bank announces the installation of its first four multi-currency ATMs dispensing Sterling and Euros in Gibraltar. As a member of the LINK, MasterCard and Visa ATM schemes, the new machines will accept the majority of cards issued worldwide.

“This is a very exciting development for us” Beth Williams, Head of ATMs at Raphaels Bank told B2B. “We believe the potential for dual currency ATMs is huge and to have a presence in the key locations in Gibraltar means we can offer both locals and travellers to the Rock fast and convenient access to both currencies.”

The Raphaels Bank ATMs are located at Ocean Village Express, Morrisons Supermarket, the Royal Gibraltar Police Station and the GibOil Petrol Station – all prime locations in Gibraltar, and all dispense Sterling and Euros. “Locals using

22

almost every card issued can take advantage of the ATMs and will be able to access Euros and Sterling whenever they want them - 24/7 rather than being limited to the usual opening hours of Banks and other outlets for foreign currency. We have selected high quality local partners to support us and are confident that with our wealth of experience of providing multicurrency services at ATMs combined with local expertise we will provide a valuable service to visitors and the local community.” B2B was told.

Raphaels Bank has been at the leading edge of currency dispensing ATMs since the launch of its first machines in the UK at Luton Airport in 2006. Since then the estate has been expanded to nearly 200 ATMs which are mainly located in travel gateway locations such as airports, railway stations, shopping centres and busy high streets. The Bank is an issuing and acquiring member of Visa and MasterCard

and is a member of LINK interchange network.

Business Briefs

WestMed Insurance expand their business offering In the last issue of B2B we heralded the arrival of Alex Bonavia as Head of Broking at WestMed Insurance. Alex has now told us that WestMed are now licensed in Gibraltar to offer protection products.

This is a major step forward for WestMed, a wholly owned subsidiary of Argus Insurance.

Argus has a long history of supplying insurance products in Gibraltar, but this is the first time that WestMed can now market protection products to our existing and new clients. ‘I am really excited about being able to offer a range of new products to businesses in Gibraltar.’ Alex told B2B, ‘Life insurance is something that we often tend to think about, but in practise do nothing about. From ‘Key man’ insurance for businesses to business loan protection policies: we can cover all options, ‘ added Alex. Below is a brief overview of some of the new products WestMed can now offer:

Key man insurance One very important use of life insurance is to protect a business against loss of earnings caused by the loss of one of its key employees or executives. This may be the company owner or an individual with a specialised skill that cannot be easily replaced. Key person insurance indemnifies the business, that is, it compensates a business for any financial loss caused by the death of a valuable key person.

Share and partnership protection The loss of a partner or shareholder can have a huge potential impact on the success of a business. The surviving partners/shareholders may be left with having to find funds to purchase the deceased partner’s interest.

Business loan protection When a company takes out a loan it needs to ensure the repayments can be met, no matter what happens to the business. By

taking out Business Loan Protection a company can cover against some events that could adversely affect its ability to repay its borrowings.

Special Risks They can also cover people with preexisting conditions, such as heart conditions or cancer in remission, and can look at options for ‘special risks’ such as dangerous sports, for example motor racing and paragliding.

Different protection products are suitable for different purposes and at different stages in your life.

WestMed can talk you through the various options. Being prepared for the unexpected can ease the financial burden for those that have to pick up the pieces.

For more information contact Alex Bonavia on 200 79520 (ext. 229) or email him at abonavia@westmed.gi

Barclays olympic themed fundraising event raises over £5,500 for charity Gymnast Nicola Bosio, who carried the Olympic torch as part of the Olympic celebrations also attended the event where she allowed guests to pose for photos with the Olympic torch for a small donation to help raise even more funds.

Staff at Barclays in Gibraltar have been celebrating after their recent Olympic themed ‘500 in 5’ fundraising campaign raised £5,626 for charity, smashing the original target of £500.

As the Olympic Games drew to a close and ‘Team GB’ celebrated its sporting success, Barclays own ‘Team Gibraltar’ was commemorating its achievements-in the field of fundraising. The aim of the Barclays-wide initiative was to raise £50,000 for charity in five days in jurisdictions across Europe. Only too happy to take up the challenge, Barclays staff in Gibraltar organized a range of events and were overwhelmed by the support from the local community, who gave their time and money so generously.

The five charities to benefit from the initiative are: Child Line, Breast Cancer Support Gibraltar, The Gibraltar Alzheimer’s and Dementia Support Group, St John Ambulance Service and Research Into Childhood Cancer (RICC). With the bank’s support of the £4£ scheme, the overall fundraising total stands at over £11,000.

24

Sporting: Barclays staff took part in the football tournament at the fundraising finale.

The first event of the week was the sponsored cycle which took place on Monday, August 6th and was a huge success, raising over £1,700. The quiz and race night also proved to be popular.

On Friday, August 10th the community turned out to support the final event; a family fun evening at The Victoria Stadium. Guests enjoyed watching a football tournament while the children took part in a treasure hunt and a series of mini Olympic Games. Local

Counter Manager and event organiser Sarah Hopkins told B2B: ‘The support we have received from the community has been unbelievable. We really would not have been able to raise this phenomenal amount without their generosity and enthusiasm. We would like to say a big thank you to everyone who supported us.

Everybody involved worked so hard to ensure the fundraiser was a success and we hope the money will go a long way in helping these charities continue their vital work. My co-organiser Christina Williams and I would like to thank our colleagues, customers and supporters for their help and dedication. It has truly been an event to remember. Thank you.’

Christina and Sarah have thanked everyone who got involved and helped raise the funds.

Handle with care Confidential Payroll services The payroll is often a sensitive and complex area in most companies. Our payroll service ensures conďŹ dentiality.

We will prepare the payroll, provide payslips, maintain and submit insurance and tax returns and deal with the relevant Government departments.

For more information, call Joseph P Montovio or Stephen J Reyes on: Tel: +350 200 41200, Nightline: +350 200 48282, Fax: +350 200 41201 info@deloitte.gi

www.deloitte.gi Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar Š 2011 Deloitte Limited. A Member of Deloitte Touche Tohmatsu Limited

Business Briefs

DO de Pago: a single-estate of international distinction What is a Pago wine? Or rather, a wine with DO de Pago (Denominacion de Origen de Pago) status?

Mauro Santos is Anglo Hispano’s Main Street shop Manager.

If we mentioned that this was a subcategory in Spain’s quality wine region’s table, many would wonder where it fell, for we’re all very familiar with ‘Vino de Mesa’ (Table Wine) and the more familiar subcategories of DO and indeed DOC (Denominacion de Origen Calificada), which many of us believe to be the highest quality status achievable.

Nevertheless, and without personally down-grading the DOC sub-category which represents famous Spanish regions such as Rioja and Priorat, DO de Pago is in fact the very highest classification a Spanish winery can reach.

There are only 10 estates with this status of quality and with wine laws being strict enough, one might wonder what a winery must do to become a Vino de Pago. To begin with, the estate must be internationally renowned for producing high and consistent quality wines. Also, these wines must be produced from estate-grown grapes and exclusively processed, aged and bottled on site.

Anglo Hispano lists an exquisite range of Vinos de Pago from an estate in Castilla la Mancha known as Domino de Valdepusa. Owned by the Marques de Grinon, Carlos Falco, Dominio de Valdepusa was the first estate to be declared a DO de Pago by the European Union in 2003. It currently produces 350,000 bottles under the

GBC launches new application Radio Gibraltar has launched an app for iphone. It’s the first for GBC following a number of improvements to our online services.

The app, which can be downloaded for free from the apple store, allows phone users to tune in live, contact presenters, view schedules and set reminders for their favourite shows.

Head of Radio Gibraltar and GBC online, James Neish said: “We are delighted to have launched our app on National Day after months of hard work”.

26

Radio Gibraltar has also launched an online survey giving respondents the chance to win an ipad, in association with Newton Stores.

The survey only takes a few minutes to complete and can be found on

ww.radiogibraltar.gi

advice of the prestigious oenologist Michel Rolland, concentrating on red wine production which includes a single-variety collection: Dominio de Valdepusa Cabernet Sauvignon, Syrah and Petit Verdot and a pluri-varietal range: the flagship Emeritus, Summa Varietalis (featured) and its entry level wine, Caliza.

Summa Varietalis, DO de Pago Dominio de Valdepusa Latin for ‘a sum of varietals’, estate-grown Syrah, Cabernet Sauvignon and Petit Verdot have been hand-picked to produce this fruit-forward and modern wine which has spent 12 months aging in French Allier oak barrels and has been bottled without fining nor filtering.

Tasting Note Deep ruby red with purple hues, this satin-textured wine begins with a complex nose of pepper, clove, smoky and rich berry fruit and a palate which overflows with plenty of ripe fruit, soft tannins and a remarkable fruit-filled and balanced finish.

Delicious with Mediterranean style cuisine.

Available at Anglo Hispano Co Ltd, 5/7 Main Street, Gibraltar

Business Briefs

There is life after a critical illness!

The diagnosis of a critical illness will inevitably be traumatic and life-changing.

Life would also be filled with concern about the well being of our loved ones. The last thing we need is to suffer financial hardship if a critical illness strikes. We still need to get by day-to-day and pay our bills. Many people do not make adequate financial provision for these situations while they are still healthy. Is this because we turn our backs on pain and even reject the mere thought of it? Is this why we condition ourselves to believing that a critical illness could never happen to us?

No amount of money can take away the suffering of having to deal with the loss of a loved one, or the fear of a Cancer, a stroke, or a heart attack, but a substantial cash injection

can remove the worry of financial hardship and insecurity, allowing us to concentrate on recovery and living our life free from financial problems. Castiel Winser have providers whose Life and Critical Illness policies are designed to do just that, giving you the peace of mind that you need for you and your family.

Peace of mind may not cost as much as you think.

Contact Castiel Winser now to arrange an informal no obligation meeting with one of our specialist staff who will advise you on the best product for YOUR needs.

Castiel Winser, Gibraltar’s principal intermediary for AVIVA protection products Principal Intermediary for

Natwest House, 57/63 Line Wall Road, PO Box 464, Gibraltar.

Tel: (+350) 200 77723 Fax: (+350) 200 79257 Email: financialservices@castielwinser.com Website: www.castielwinser.com Protection Products

Licenced by the Financial Services Commission No. F.S.C. 00022B September 2012

Telephone: (+350) 200 77723

Website: www.castielwinser.com

27

Business Briefs

Credit Suisse 25 years in play As part of this years 25th anniversary celebrations Credit Suisse recently hosted a golf event to thank their clients and associates in sporting style at the San Roque Club. After a welcome breakfast and relaxed introduction, competitors and guests enjoyed stableford 4 ball format on the traditional course, with an interesting twist of 4 special powerplay holes, where points were doubled. After fruit brochettes and refreshing cava at the 14th hole, all players were in a happy and jubilant mood (regardless of their scores!) by the time they reached the clubhouse for lunch and the prize giving ceremony. The bank’s first subsidiary, the Gibraltar Trust Bank Ltd opened in 1987 and then became Credit Suisse (Gibraltar) in 1991.

Commenting on the success of the past two and a half decades, Kerry Blight, CEO told B2B “During the past 25 years Credit Suisse Gibraltar has gone from strength to strength and is locally recognized as being the premium brand and benchmark in Private Banking”

28

Business Briefs

Castiel Winser – Principal Intermediary for Aviva Protection Products in Gibraltar On entering the modern offices of Castiel Winser in NatWest House, there is a buzz of activity. “We are undergoing staff training,” Sydney Attias, owner and Managing Director, tells B2B as he shows us into his office.

“In fact we are undergoing a full-scale radical office upgrade and intensive training. A consultant has been specifically flown over from the UK, bringing new hardware and software to enable us to continue to provide a cutting edge service to our clients” he adds.

of providers in order that our clients have the widest range of products to choose from.”

Mr Attias takes the view that when you take out car insurance, for example, you are committing yourself to that company and it’s

A major factor in the success of our company is our team of Financial Advisors.

They have been with the company for an average of 20 years. Within the excellent administration staff, turnover is at a minimum. Clients feel secure if they have confidence in the people they are working with and this is where Castiel Winser feels they have the edge over their competitors.

Having just been awarded by Aviva to be the Principal Intermediary for their Protection Products in Gibraltar, it seems that the investment is justified.

He is bubbling with excitement. “I can’t tell you how happy I am. It is a real honour for us,” he says, “and an indication of all the hard work and endeavour that has been put in by the whole team.”

Castiel Winser Insurance & Financial Consultants has been an independent financial consultancy firm since 1984, one of the longest standing in Gibraltar.

Now after over a quarter of a century, what began as a one-man show has become a winning team of highly qualified financial advisers, together with an efficient, reliable and friendly administration support. But, as he is at pains to stress, “We cannot rest on our laurels. We must be constantly striving to improve the company’s future policies and expand our list

products are like a marriage. You may be committing to a policy for 25 years. “Clients need to be comfortable in their relationship with us before they commit. Reputation is key to the success of any long-term relationship in our business.” Attias tells B2B.

Father and son make a formidable team.

Son Elias is the other co-director in Castiel Winser. “I am the elder statesman with the years of experience while he is the young buck with the ideas and get up and go to take us into the future” Mr Attias told B2B. As part of the upgrade, Castiel Winser is looking to set up a division offering QROPS. “This is something we are looking into extremely carefully; we do not want to replicate the Guernsey model” added Mr Attias.

Sidney & Elias Attias

policy for a year. If you are not happy with the product or service you can change provider and look for a better offering the following year. Whereas Castiel Winser’s

“It is the old fashioned way of doing business. Whatever you do, you do well, correctly and never rush in to make a fast buck. We are extremely proud of what we have achieved and will continue to serve the local community. With over 11,000 clients in Gibraltar to date, we must be doing something right”, Attias adds.

Yin-Yang? As the European crisis deepens, Asia emerges with insight Credit Suisse recently hosted an Investment Seminar entitled “An Asian Perspective” presented by Ms Lena Teoh, Chief Investment Officer for Asia at Credit Suisse. The event formed part of an on-going programme of informative seminars featuring Global Investment Specialists visiting Gibraltar on behalf of Credit Suisse.

The Singapore-based Ms Teoh, is a key contributor to Credit Suisse’s global investment strategy and her presentation provided valuable insight into the role that Asia is playing in this changing global landscape with its ever-increasing influence.

This exclusive event at the offices of Credit Suisse provided guests with a very comprehensive and in-depth view of Asia shedding light on the investment opportunities in the region. An interesting

and lively discussion with guests followed the presentation and covered a variety of topics, issues and themes pertaining to the Asian markets and culture.

In addition, Ms Teoh shared with the audience a revealing Asian perspective on the troubled developed world. This excellent presentation provided plenty of food for thought and was followed by a very active exchange of ideas and informal conversation during the reception that followed.

29

Designed specifically for small to medium sized businesses Underwritten

by Lloyd’s of London Competitive rates Tailored to the needs of your business or office

The specialists in Gibraltar for ďƒžne wines, spirits and accessories from all over the world.

Call in and ask about our exclusive Wine Club 5-7 Main Street | t: 200 77210 shop@anglo.gi | www.anglo.gi

Business Briefs

Gibraltar businessman wins Mauritius trip Gibraltar businessman, Mark Bridge, a Director and General Manager of Europa Trust Company Limited, was recently the lucky prizewinner of a trip to Mauritius.

He won his prize in Johannesburg, South Africa, whilst attending a conference arranged by the Society of Trust and Estate Practitioners (STEP). The conference, focused on a number of topical issues presented by international experts and practitioners. Some of these topics were: trusts and divorce; bad trust clauses; tax information exchange and the future; and a roundup of recent trust cases from around the world.

On the last evening of the conference, delegates participated in a lucky-draw, sponsored by Afrasia Bank, for the prize of a trip to Mauritius, including a three-night stay in the five-star Belle Mare Hotel.

Delighted prizewinner Mark Bridge said of his win “I was hoping for the champaign or iPad drawn immediately before. I never expected this fantastic prize. Thank you

Afrasia Bank!”

Commenting on the conference itself, Mr Bridge said “the quality of the speakers and their presentations was excellent. The developments in the industry are fast-moving and far-reaching”.

A delighted Mark Bridge (centre) receives his prize from Afrasia Bank’s

Being hosted in South Yogesh Gokool, Head of International Banking, Trusts & Custody (left) and Colin Grieve Chief Representative Officer - South Africa (right).

Africa, the conference naturally attracted many South African lawyers and professionals. Of South Africa have economies bigger and the foreign delegates, those from more stable than some European countries.

Seychelles and Mauritius, together with representatives from their regulators and As the only delegate from Gibraltar, Mr governments, were by far in the majority.

Bridge said “the robust participation of Seychelles and Mauritius is a message for Because Africa is seen as a rising giant, Gibraltar. We now find ourselves in a very these jurisdictions are making no secret of competitive business with about 70 other the fact that they are staking their claim Finance Centres. We cannot be complacent and shifting their focus from Asia to Africa. in the midst of changes brought about by the economic crisis in Europe and Africa has immense wealth in both natural America”. and human resources. Countries such as

Hassan’s 3rd Annual Corporate Golf Tournament heat up, as did the play, with the top three teams all scoring 51!. Lunch and prize giving followed in the club house.

Javier Chincotta, Managing Partner presented the trophies for nearest the pin, the longest drive, and overall team 1st, 2nd and 3rd. The winning team, led by team captain Nicholas Howard, scored an impressive 51 and were delighted to receive their Hassans’ trophies.

Javier Chincotta (far right) with the day’s prize winners.

Hassans International Law firm were delighted to host their 3rd annual Corporate Golf Tournament during the summer. The event took place at Alcaidesa Links Golf course and was attended by approximately 100 local and international business men and women.

The format for the day was a four ball Texas Scramble which means every team member is given the opportunity to contribute to the game, with one client commenting “Great fun and I loved the Texas format!” On what was a gloriously sunny day the teams set out at 9am for over 5 hours of play. The day continued to

Mr Chincotta said, “We were over subscribed in this, our third year of hosting the event, which we hope is a reflection of the success of past tournaments. We were delighted with the turnout and hope this continues to be a ‘must attend’ event in the golfing calendar.

31

Business Briefs

EFPG takes on Eurolinx life, pensions & investment business Eurolinx, the long-established local insurance intermediary, has agreed to transfer its Life Insurance, Pensions and Investment business to European Financial Planning Group (‘EFPG’).

and there is no need for their clients to take any action.

Valerie Bugeja, who has been with Eurolinx for many years, will be transferring to EFPG and will continue to provide support.”

Alan Montegriffo, Director of Eurolinx told B2B, the reasons for this major step; “We want to enable Eurolinx to concentrate on general and contingency insurance business, but at the same time allow Eurolinx clients to receive Alan Montegriffo & Paul Garner ongoing financial advice from EFPG who are, in Eurolinx’s opinion, the leading providers of advice on Life Insurance, Alan added “Eurolinx client’s and policies Pensions and Investments in Gibraltar.” will not be affected by this change to EFPG

Paul Garner, CEO of EFPG told B2B “Eurolinx have been undertaking insurance business in Gibraltar for many years and have an excellent reputation. We are delighted that they have chosen us to take over the business.”

All the insurance companies have been informed and EFPG have confirmed that they will be contacting all clients to introduce themselves and to explain the services that they provide.

tailor made financial solutions T&T Management Services has been an established professional provider of company management and trust services from Gibraltar for over 30 years.

•

Companies & trusts

•

Company formation

•

Company management

•

Trust & trustee services

•

Accountancy services

•

Estate planning

T&T Management Services Ltd, 2 Irish Town, Gibraltar t: +350 200 76108 • f: +350 200 72270 • www.ttms.gi • enquiries@ttms.gi

32

Business Briefs

Barclays Henk Potts visits Gibraltar to deliver global market update Renowned financial analyst and Director within Global Research and Investment for Barclays Wealth and Investment Management, Henk Potts visited Gibraltar recently to host a thought-leadership event for clients which included a global market economic update.

capital which was injected into Southeast Asia’s economy.

Mr Potts said that Africa is currently outgrowing Asia in terms of economic growth. There are currently 60 million households in Africa, with a household income of £3,000 US dollars or more and this is set to hit 100 million by 2015.

Over 30 clients attended the event which took place at The Top of the Rock Restaurant. Mr Potts’ global market update covered a wide range of topics from his views on the Spanish and Greek economy to his predictions as to the direction of the UK economy over the next six to twelve months.

This will be supportive of economic growth on the continent. Africa is clearly faced with many significant problems, including disease, hunger, corruption and its education system, Mr Potts said. But statistics show that a population explosion is occurring in Africa, meaning great swathes of young people will be entering the workplace at their most productive, which in turn will help the economy and the people of Africa.

The aim of the evening was to give clients an economic update and help them gain a deeper understanding of what the outlook means for them and their businesses. Clients were also able to pose their industry related questions to Mr Potts throughout the evening.

Speaking of the Eurozone, Mr Potts said: ‘The Eurozone has caught a disease and the aspirin the policy makers have given it hasn’t been enough to kill off the risk of contagion and risk of fragmentation. There have been 19 emergency summit meetings in recent times, and while these have resulted in good ideas, none have produced the required cure. ’ Mr Potts did suggest that the proposals that were produced from the summit meetings could restore faith in the market, but that banks must continue working towards improving capital ratios. Ratio-improving measures include looking at retained earnings, market solutions and sovereignty as well as bailout packages.

Mr Potts said a ‘proper road map’ was needed in order to reach fiscal security. ‘One of the key questions policy makers have to find the answer to,’ he said, ‘is ‘how to stimulate growth and increase job opportunities in the Eurozone. There has been a lot of muddling through this situation in recent times, and while officials have never let the situation deteriorate to catastrophic levels, they have not yet found a definitive solution.’

He went on to say: ‘Those who thought the Eurozone problem would be solved within a year are going to be disappointed. In reality, it will probably take a decade to solve.’ This is down to a number of contributing factors

Henk Potts

including the fact that in the Eurozone, retail sales are falling and the unemployment rate currently stands at above 11%.

Despite this, Mr Potts was optimistic, stating: ‘The EU project has to work, with a focus on the key areas of Spain and Italy. Officials will continue to fight to make sure it works.’

Mr Potts said that so far, 2012 has been a tough year for the Eurozone, and while 2013 will also be difficult, the outlook should improve. Mr Potts also noted that the road to economic recovery will be a long one.

On the topic of Spain, Mr Potts said that while the country was struggling economically, the government has a clear commitment to austerity. Other positives include a broad industrial base, a competitive export sector and a compliant tax base.

During his presentation, Mr Potts made an interesting observation about Africa. Once known as the ‘hopeless continent,’ Africa is now referred to as ‘the lion economy.’ This name echoes Asia’s ‘tiger economy’, so-called due to the large amounts of foreign

Mr Potts also spoke about China’s economy, which has a savings ratio of 25 percent. He highlighted that Chinese citizens don’t have access to credit and have no social security safety net. Despite this, in recent times, the economy has been modernised, with wages trebled in the last ten years, which, economically, is good news.

Giving an overall financial forecast, Mr Potts said: ‘‘Europe continues to have a lot of challenges to face, and it is still in the hands of politicians to solve the crisis. We can only hope they will be able to gain control of those issues over the coming years.

“While the recovery in the United States hasn’t been stellar, the second half prospects look better than the first half and it continues to lead the recovery in the developed world.

There’s clearly been some turbulence in Asia, but looser policy should help maintain the robust growth environment.’’

The event was deemed a great success and a fantastic opportunity for Barclays to give clients an economic update.

Country Manager of Barclays in Gibraltar Franco Cassar told B2B: ‘‘Henk is an experienced commentator who always delivers a view in a style that is firmly grounded, easy to understand and unequivocal - he doesn’t sit on fences! This was a great event for our clients, who, I know, welcome us talking to them during these difficult times for the global economy.’’

33

Business Briefs

Anglo Hispano Co. Ltd launches new website for trade clients Anglo Hispano’s new website www. anglo.gi was launched in September and has been created with the customer in mind. The user friendly page layout enables customers to navigate freely through all the new features. With the creation of this site Anglo Hispano has developed a new online ordering system, enabling all trade customers to register and order online with next day delivery guaranteed. The smart customer template memorises what customers have purchased in past orders, making the customer’s ordering process quicker and easier.

In recent months, Anglo Hispano has been working closely with De Facto Software in the UK on a B2B trade ordering system, comprising of a CMS (Content Management System) and CRM (Customer Relationship Management) system linked to De Facto ERP (Enterprise Resource Management). Sebastian Isola, son of Managing Director, John Isola, has been closely involved in the development and implementation of the system in house. He has been testing and adapting all the necessary

information in order to ensure a smooth and successful transition into the new system. In October, Sebastian will be moving on to Deloitte to train in accountancy.

This e-CRM system allows editing of the website in-house enabling updates of product information and the creation of downloadable pricelists with ease. Anglo Hispano’s trade customers can purchase products through the website, where orders go straight into De Facto ERP, and with product information and pricing (including pricing per customer) coming from their product catalogue in De Facto ERP, there is no redundant data.

Additionally by utilising De Facto’s eCRM on Apple iPads, Anglo Hispano sales staff can now access business data on the move, massively streamlining the order process. Previously, staff would travel around Gibraltar, visiting customers taking orders on paper forms. Upon their return to the office, the orders would have to be processed by physically entering these onto the computer system. This was a duplication of work, which, in a time-critical process, sometimes caused pressure on systems, due to the small window available in which to process

the order and deliver the goods especially to pedestrianised areas only open to deliveries before 10.30am.

Now, thanks to this new eCRM system, the Anglo Hispano sales team can place orders in real time during the call at the customer’s premises, ordering directly on the eCRM from their iPads, informing clients at the same time of product availability etc.

“This new system is a win-win for both customers and the Company” John Isola told B2B “We have created an integrated online ordering system which offers huge time & cost savings, with a super efficient ordering process.”

To register for an online trade account, please visit Anglo Hispano’s website:

www.anglo.gi

The Olympic Experience Olympic medallists Roger Black, MBE and Steve Backley, OBE were the VIP speakers at an Olympic-themed event hosted by International Law Firm, Hassans. The event took place at the Khaima at Rock Hotel.

For fourteen years Roger represented Great Britain at the highest level in the world of athletics, both as an individual 400 metre runner and as a member of the 4x400 metre relay team, winning fifteen major Championship medals including European, Commonwealth and World Championship Gold medals. His greatest individual achievement was winning the Olympic 400 metre Silver medal in Atlanta in1996.

As one of Britain’s most consistent and popular athletes for over a decade, Steve established himself as one of the all time greats of his sport, having been ranked in the world’s top ten every year between 1989 and

34

Olympic medallists Steve Backley and Roger Black, MBE.

2002. Steve is the only British track and field competitor to win medals at three different Olympic Games. He broke the world record three times and was crowned ‘World Athlete of the Year’ by the UIAAF in 1990. Steve is one of the Olympic torch bearers for 2012, and one of the official radio presenters covering the games.

Javier Chincotta, Managing Partner, commented “It is wonderful and inspirational to see famous athletes as high profile as Roger and Steve come to Gibraltar to regale our guests with their Olympic experience.

We hope the evening will be enjoyed by everyone and we hope to be auctioning off some Olympic goodies to raise money for charity.”

Business Briefs

OECD releases report on UK Bribery Act 2010 The report, running to 79 pages, took an in-depth look at how the UK had implemented the Act and gave a very positive view on what had been achieved so far, but cautiously reminded the UK that there was still plenty of work to be done.

The working group praised the UK for the significant increase in foreign bribery enforcement since its earlier reports of 2005 and 2008. The UK was commended for publishing its Guidance to Commercial Organisations (‘The Guidance’) which preceded the Act coming into force and for the heightened awareness of foreign briberyrelated issues in the UK. The working group also welcomed the UK’s approach of requiring companies to compensate the country of a bribed official.

However, the report highlighted a number of pertinent issues which require consideration.

For example, it was concerned that, to settle foreign bribery cases, the Serious Fraud Office (‘SFO’) is increasingly relying on civil recovery orders which require less judicial oversight and are less transparent than criminal plea agreements, with some cases having confidentiality agreements in place that prevent the disclosure of key information after cases are settled. As less information is made public, there cannot be a proper assessment of whether the sanctions imposed are effective, proportionate and dissuasive. The report suggests that this misses an opportunity for the UK to provide guidance and raise public awareness on foreign bribery-related issues. Many commentators believe that this very point is the reason many companies have yet to implement policies and procedures: a lack of public awareness of the sanctions has meant that businesses have failed to appreciate just how serious the consequences of breaching the Act can be, with many risking the future of their businesses.

The report noted shortcomings with the Act, particularly in respect of what it referred to as the ‘identification theory’, that being the ability to identify officers that have the ‘directing mind’ to commit an offence. The Act states that senior officers can be guilty of an offence if an act of bribery takes place with their consent or connivance. However, many corporations have complex structures in place, meaning that if an act was carried out with the consent of, for example, a regional manager or relatively senior manager, they would not be liable under the Act, thus lessening the effect of the

offence. Nonetheless, it noted that as the section 7 offence of failure to prevent bribery becomes used by the SFO, concerns over the identification theory may recede.

Most noticeably, the report dealt with the need for the UK to introduce Deferred Prosecution Agreements (‘DPAs’). DPAs are commonly used in the US to encourage self-reporting without it necessarily leading to prosecution. Under the terms of a DPA in the US the company may have to pay substantial amounts to those affected by its actions and account for its profits, it may have to agree to working with a corporate monitor and to account to the Department of Justice for its future actions. In return the US prosecution is deferred and, so long as it keeps to the agreement, the prosecution will eventually be dismissed. In the UK, because no such agreements exist, if the crime is serious enough, even a self-report could lead to prosecution as the courts have the ultimate say in these cases, thus inhibiting many companies from seeing the benefits of self reporting.

The report also looked at the Act in light of Article 5 of the Convention, which states that ‘investigation and prosecution of the bribery of a foreign public official shall… not be influenced by considerations of national economic interest, the potential effect upon relations with another State or the identity of the natural or legal person involved.’ Earlier reports had noted that Article 5 did not have binding force in the UK and this continues to be the case. The Code for Crown Prosecutors states that one public interest factor that tends against prosecution is where ‘a prosecution may require details to be made public that could harm international relations’ and that this could be read as being inconsistent with Article 5.

Interestingly, the report looked at Crown Dependencies (‘CDs’) and Overseas Territories (‘OTs’). The report makes the point of referring to some of these CDs and OTs as ‘offshore financial centres, which can be used to facilitate foreign bribery’. It noted that it had been recommending that the UK extend the Convention to its CDs and OTs since 1999, but the UK had left it for the CDs and OTs to decide to which treaties they become a party.

The report further noted that the Convention had been extended to all three CDs – Isle of Man (2001), Guernsey (2009) and Jersey (2009) – but only one OT: Cayman Islands (2010). ‘The other OTs have made little progress, if any’.

According to the report, Gibraltar had submitted a draft foreign bribery Bill to the UK for review in 2005, but it was not until 2011 that it passed the Crimes Act, (the bribery provisions of which are almost word-for-word the same as the Bribery Act), but this has yet to come into force.

The report recommended that the UK adopt a roadmap setting out specific goals, concrete steps and deadlines for implementing the Convention in the OTs before the UK considers legislating on their behalf. It also noted that the UK had not extended the jurisdiction of the Act to legal persons incorporated in the CDs and OTs unless those companies carried out business or part of their business in the UK, despite the fact that it had made clear in court briefs that ‘corporations incorporated under the laws of any of its Overseas Territories are subjects of the United Kingdom’.

The UK told the working group that it had not extended the jurisdiction to legal persons because the regulation of commerce and business organisations had devolved to the CDs and OTs. The report recommended that the UK extend the jurisdiction to companies incorporated in the CDs and OTs as soon as possible.

What is equally interesting is what the report says about the bribery laws adopted in the Crown Dependencies.

All three have offences that cover foreign bribery, but only the Isle of Man has an offence that applies specifically to foreign bribery.

Jersey and Guernsey have offences that are based on the ‘problematic’ agent principal concept similar to the pre-Bribery Act legislation in the UK, which itself was deemed insufficient by earlier reports. Furthermore, none of the CDs and OTs has legislation criminalising a company’s failure to prevent bribery. Therefore, when the Gibraltar Crimes Act comes into force, its bribery provisions will be the most OECD-compliant of all the Crown Dependencies and Overseas Territories, enhancing its reputation as an established international finance centre in the European Union.

According to information supplied by the SFO to the working group, it had 11 active bribery/ corruption cases and a further 18 cases under consideration as of 31st January 2012. Only time will tell what impact those cases will have in the UK and overseas, but in the meantime, the UK and Gibraltar still have plenty of work to do.

35

Business Briefs

Gibraltar Law firm ranked No1 in Legal 500 Hassans international law firm is delighted to be ranked Tier 1 in seven out of eight categories in the Legal 500, 2012 directory. Published for over twenty years, the Legal 500 Series provides the most comprehensive worldwide coverage currently available on legal services providers, in over 100 countries.

Legal 500 said “Hassans remains the market’s heavyweight, both in terms of overall size and specialist expertise, their ‘knowledge and legal ability is unrivalled’ in the corporate sphere, and its business acumen ‘unsurpassed’. In particular, the directory said of Hassans’ senior partner, James Levy, QC, [his] ‘business acumen and ability to identify the relevant issues puts him – and by extension, the firm – in a league of its own’.”

In other areas, Legal 500 said “The five-

partner banking team has ‘exceptional’ strength in depth. James Lasry, who leads the firm’s well-regarded funds practice, is ‘patient, client oriented and knowledgeable’.

Yvonne Chu-Feetham is also active within the funds practice, while Nigel Feetham is recommended for his expertise in insurance and protected cell companies – both are ‘unreservedly excellent’. Valerie Holliday is recommended for her excellent client relation skills as well as her banking and investment management ability.

with Michael Castiel and Nyreen Llamas, who has ‘excellent commercial awareness and people skills’. The Dispute Resolution practice were quoted as ‘excellent on all levels’ and the Private Client practice as ‘the market leader in Gibraltar’.

On tax, Chris White and Albert Mena, lead this team which is acknowledged and valued for its ‘first-class knowledge of Gibraltar law’, ‘good response times’ and ‘excellent value for money’, B2B was told.

Javier Chincotta, Managing Partner for Hassans said “The quotes from the directory and from our clients, whose endorsement of the work that Hassans do, are what has placed us in this unique position. It gives us a great sense of pride and achievement and the continued commitment to provide on-going excellent client service.

James Levy QC and Ian Felice are ‘outstanding’, and are recommended along

Peter Montegriffo who leads Private Client and TMT was quote as having ‘extensive industry knowledge and familiarity with Gibraltar’s government and regulatory bodies, and their processes’.”

A bright idea from Barclays employees Barclays in Gibraltar was awash with colour recently as staff wore bright clothing and accessories to work to raise money for a number of charities.

Staff at Main Street and Regal House kicked off the colourful initiative by wearing yellow clothing to work to support ‘Mental Health Awareness Day’ in return for a £1 donation.

The ‘Mental Health Awareness Day’ was organized by The Psychological Support Group, The Gibraltar Clubhouse Project and the Mental Welfare Society. The aim of the initiative was to raise awareness of mental health issues in Gibraltar.

Collections took place at both locations throughout the day with staff volunteers on hand to sell the yellow ribbons which represent the three charities, to raise extra funds.

All of the money raised via the awareness day will be distributed between the three mental health charities.

But the fundraising endeavours did not end

36

there, as staff supported ‘Male Cancer Awareness Week’, an initiative led by leading male cancer charity ‘Orchid.’

During the week, staff took part in a number of events designed to highlight the initiative, from watching an informative film about testicular cancer to taking part in a quiz. And again, volunteers were on hand to conduct monetary collections.

Blue clothing was the order of the day a week later as staff donned their favourite blue items in return for a charitable donation. Collection boxes were placed in Main Street branch on both occasions giving customers the opportunity to donate to the worthy causes.

All of the money raised will be matched by the Barclays charity fund which is accumulated via the weekly ‘Dress Down Friday’ initiative whereby staff wear casual clothes to the office in return for a £1 donation.

Barclays employees

Country Manager Franco Cassar told B2B: ‘Staff at Barclays in Gibraltar work hard to support a range of charitable organisations via a number of creative initiatives and were only too happy to wear colourful clothing in order to support and promote these two worthwhile causes.’

Business Briefs

Superyachts - new incentives for registration in Gibraltar

Import duty for The Government in its recent budget, has announced the abolition of import duty for vessels over 18 metres in length and the reduction of import duty for vessels under 18 metres from12% to 6%.

This is a welcome move aimed at stimulating the growth of the super-yacht sector, by encouraging some of these vessels to use Gibraltar as their longer term berth in the Mediterranean.

If an analogy were drawn with hotels, the objective must surely be to increase occupancy. So too with super-yachts, but occupancy is replaced by berthing in Gibraltar, for a longer period of time. It will be appreciated that in the case of superyachts the ancillary benefit for every nights’ stay is substantial. These yachts are large valuable vessels designed and built for lengthy voyages, many of these vessels regularly navigate through the Mediterranean passing Gibraltar but spending limited time here. They have large crews who require use of land based facilities, not forgetting the not insignificant requirements of restocking and refuelling (some of which Gibraltar is already benefiting from). The amendment is aimed at encouraging the longer term berthing of some of these vessels here with all the ancillary benefits this will bring in terms of economic activity.

Under the pre-budget legislation vessels

vessels under 18 metres from 12% to 6%.

that there is no longer the incentive for resident vessel owners to keep their vessels outside Gibraltar. This should in turn generate growth in ancillary marine services such as providing supplies; vessels spare parts, equipment, maintenance, upkeep and berthing. Attracting even a small percentage of the super-yacht sector navigating the Mediterranean would undoubtedly provide an economic stimulus in a sector that is relatively untapped.

are classed by gross tonnage. At present vessels with a gross tonnage of less than 80 gross tons are liable to pay import duty upon importation into Gibraltar at the rate of 12%, whilst vessels with a gross tonnage above 80 tons were not liability to pay import duty. The move to class vessels from tonnage to metres is also a welcome decision as it is conceptually easier to explain and therefore market Gibraltar as a berthing destination. It also brings the classification in line with most European methods of vessel classification.

The Honourable Chief Minister in his budget speech said : “At present vessels with a gross tonnage of less than 80 tons are subject to import duty at 12% and there is no import duty on vessels with a gross tonnage above 80 tons.

In order to stimulate the use of Gibraltar by vessels of this ‘Superyacht’ category, with immediate effect these vessels will be reclassified into ‘Seagoing vessels of over 18 metres in length’ which will not be subject to any import duty.”

It is however important to note that import duty on vessels is only triggered upon importation of the vessel into Gibraltar, this means that in practice any Gibraltar resident can own, use a vessel and not be liable to pay any import duty, as long as the vessel is kept away and never imported into Gibraltar. The very nature of our importation laws dissuaded resident vessels owners, including high net worth individuals, from importing and berthing their vessels in Gibraltar. The fact that payment of duty has been reduced and exempted above 18 metres will mean

‘Vessels under 18 metres in length’ which will be subject to an import duty reduction of 50% to a reduced rate of 6 per cent.”

In welcoming the move Albert Mena, tax partner at Hassans commented “this change should assist to market Gibraltar in a sector where there is potential for growth.

This coupled with the other changes announced in import duty should encourage the further development of a competitive and thriving marine service and retail industry in Gibraltar, together with all the positive benefits associated with such an industry.”

37

Business Briefs

Marc Ellul re-elected as Chairman of ATCOM Marc Ellul has been re-elected as Chairman of ATCOM at the Annual General Meeting, held earlier this year.

Marc Ellul was unanimously re-elected as the Chairman, Nick Cruz as Deputy Chairman, Subash Malkani as the Treasurer, Mark Bridge as Secretary and Kyra Romano-Scott, Andrew Gardner, Nick Pitaluga, Ian Felice and Eugenie Cottrell as board members.

In his Chairman’s report, Marc Ellul reported that ATCOM now had its highest ever number of members representing close to 90% of the industry employing around 1,000 people. He outlined the hard work done during the course of the year on many matters including: finalising reform proposals of the Companies Act; organising regular educational seminars; the Chairman and Deputy holding quarterly meetings with the FSC and attending monthly meetings of the Gibraltar Finance Centre Council; proposing changes to “Customer

Unveiling a world of knowledge

Monies” regulations; laying the foundation for the establishment of a Regulatory Reform Committee in respect of fiduciary services business. ATCOM has also been meeting with the senior management of Gibraltar’s retail banks on the inadequacy of the current banking facilities on offer and with the Minister for Financial Services, on the same matter, and other issues affecting the Trust and Company Management industry.

The Chairman noted that ATCOM had achieved a great deal and had made a real difference, notably as regards the following: the Companies Act reform proposals (driven by himself as Chairman of the GFCC company law reform committee) which had been accepted by Government with a new Act

The aim of the seminar, hosted by Mark Ruston, Head of Barclays UK Corporate Relationships, was to demonstrate how local customers in Gibraltar can benefit from the products offered by Barclaycard Payment Acceptance.

Thanks to the worldwide reach of the Barclays Payment Acceptance, clients are not only able Team work: Seen here are Berenice Hernandez, Gibraltar Account Manager for Barclaycard Payment Acceptance and Audrey Panter, Retail Team Manager for to access the expertise of Barclaycard Payment Acceptance a Relationship Manager in Gibraltar, but can also benefit from the knowledge of Barclaycard experts situated in the UK. Barclaycard specialists from the UK

gathered in Gibraltar recently for a seminar which saw a range of new Barclaycard products and services unveiled to local clients.

The event, entitled ‘Leading the way in Payment Acceptance’ was the ideal opportunity for Gibraltar’s Barclaycard Payment Acceptance team to update clients about local developments on the ground and to introduce them to the full range of services available across the Barclays group.

Barclaycard Payment Acceptance is one of the largest payment processors in the UK, offering a wide range of secure card acceptance solutions for corporate customers, from countertop terminals for face to face transactions to online solutions for customers wishing to accept payments online.

More than 90 clients attended the seminar which took place recently at the O’Callaghan Elliott Hotel.

38

The seminar consisted of a number of presentations given by various Barclaycard specialists on a number of subjects. Topics ranged from new products and innovations to online payment solutions and Payment Card Industry Data Security Standard, which was introduced in 2004 and helps protect businesses and their customers’ payment card information. The seminar, a joint event between Barclays in Gibraltar and Barclaycard included a presentation on sector updates by Chris Cavilla, Assistant Vice President of Intermediaries at Barclays.

A networking session took place after the seminar, where customers saw a range of new Barclaycard products in action. A display of the new and improved Point of Sale terminals was particularly enjoyed by clients. The seminar was considered a major success with great feedback from all those who attended.

currently being drafted; securing the agreement of the FSC to a change in the “Customer Monies” Regulations in order to allow an alternative method of holding money in a “Customer Safeguard Account”, which was something being asked for by many ATCOM members; the holding of quarterly meetings with the FSC, which had established an invaluable consultation forum for the regulator and the industry to discuss matters of mutual interest, and having a positive meeting with the Minister for Financial Services on the inadequacy of current business banking facilities and the gap which existed as regards certain non-managed accounts.

On the issue of banking, the Minister confirmed that the Gibraltar Savings Bank had been established precisely to provide services where a gap in the market existed. Whilst he was not able to give a commitment, he did say that Government would look into ATCOM’s request that the Gibraltar Savings Bank provide banking services to its members, which were not currently on offer.

The Khaima is the Rock Hotel's wonderful Moroccan marquee, which has been wowing wedding and corporate guests all summer with its great food, great ambience and great poolside setting.

Summer may not be over but if you have to think about organising that Christmas party (and some of us do) the Khaima with its magical green, red and gold interior - Christmas colours without a doubt - is an ideal option.

Even in the winter, the Khaima surrounds including the pool and adjacent landscaping can be magical with candlelight lanterns and fairy lights creating a very seasonal backdrop to your Christmas dance or party.

The Khaima can accommodate up to 150 people for a party and this allows space for that all-important dance floor and DJ or band.

For menus and availability or simply to discuss your budget and requirements call Alex Martin on (00350) 200 73000 or e-mail him at alex.martin@rockhotel.gi

www.rockhotelgibraltar.com

People on the Move

Baker Tilly announces new appointments

has mainly worked in financial services, (LtoR) Ian Collinson, Selvan Soobiah, Dale Cruz & Jose Julio Pisharello. specialising in the insurance industry where he has been instrumental in growing the firm’s portfolio in this area. Dale was promoted to senior Baker Tilly Gibraltar is pleased to manager of the audit department in 2010 announce the appointment of and his commitment and dedication have Dale Cruz as a Director of Baker Tilly led to his promotion as from July 2012.

(Gibraltar) Limited and a partner within Dale is also an active member of the the BT Gibraltar Group.

Gibraltar Society of Accountants. He is currently a member of the audit faculty “It is particularly pleasing to see a very and is a former Secretary and Treasurer. talented young man like Dale progress In accepting Dale said: within the firm to the highest echelons.”

“This achievement represents an – commented Jose Julio Pisharello, important milestone in my career but by Chairman of the Board. “As a no means represents the end of my professional services firm our people are journey. I am thrilled and hugely our most valuable asset and Dale enthusiastic about the future in my new epitomises the high professional role. I would like to thank the directors standards and technical abilities we want and colleagues for all their support and our people to achieve. His qualities have friendship over the years but more been recognised and we know he will be importantly my family for their continued a valuable addition to the Board.” support throughout.”

After graduating from the University of Baker Tilly Gibraltar is also pleased to Kent at Canterbury, Dale went on to train announce that Selvan Soobiah has been as a Chartered Accountant in the City of appointed to the Board of Directors of BT London, qualifying in 2003. Since Corporate Services Limited, Fiduciary arm returning to Gibraltar, Dale has been of the Firm. involved in audit and assurance services for both local and international clients. He Educated at Epsom College and a

40

graduate from Kingston University School of Law, Selvan trained as a solicitor at Chester. After qualifying in 1984, he worked in Industry with an international bank in London before re-locating to Gibraltar in 1990.

Selvan is a member of STEP and since 2007 he has been the manager of the Fiduciary Services Department, providing advice on asset protection and the establishment of company and trust structures.

Ian Collinson, Managing Director of the firm told B2B: “The repositioning of Gibraltar as an on-shore financial centre, together with the changes to the tax regime, has resulted in increased interest in the use of Gibraltar structures. This side of the business is undertaken by BT Corporate Services Ltd and we are pleased to announce the strengthening of our team of directors by the promotion of Selvan, who adds additional specialist expertise in this area.”

Selvan Commented: “I am very pleased to accept the appointment. This underlines my continued commitment to the firm and our efforts in promoting and developing Gibraltar as a flourishing and reputable international business centre.”

People on the Move

Tray Stagnetto Neish welcome Keith Azopardi Q.C. Her Majesty’s Counsel for Gibraltar in early clients. The unfortunate passing away of AV In August 2001 the merger between 2012 and is not only well respected locally by (Guy) Stagnetto QC last August muted the Louis W Triay & Partners and clients and colleagues alike but has also has firm’s 10th Anniversary of that prestigious Stagnetto & Co was heralded by the local an excellent reputation internationally as one press as “A PRESTIGIOUS MERGER”. It merger which marked an otherwise of Gibraltar’s top saw the marriage of two litigators. of Gibraltar’s longest standing law firms who Under the leadership of were at the time led by James Neish QC, one of LW Triay QC and AV Stagnetto QC Gibraltar’s most respectively. TSN, as prominent litigators and the merged firm senior partner over the became known, last decade, TSN has acquired the Gibraltar cemented its position as practice of Denton a leading litigation firm.

(LtoR) Guy Stagnetto, Brendan Murphy, Keith Azopardi, Charles Lavarello, Damon Bossino & Louis Triay.

Wilde Sapte in 2006 and It was recently awarded has continued to the title of “2012 expand, always priding Litigation Law Firm of itself and being guided by the seeds sown important milestone in the firm’s the Year in Gibraltar” by Corporate INTL by the 2 elder statesmen of the firm in the development. Since then TSN has recruited Magazine and the addition of Keith Azopardi early 1950s.

QC will serve to strengthen the firm’s further junior lawyers in pursuance of its position in this field. TSN has also been principle of growing from within and training identified by Chambers and other directories junior lawyers to take up the baton passed Since 2001 the firm has gone from strength as one of Gibraltar’s leading law firms and on by senior members of the firm. to strength and today its position within the the firm’s continued growth reinforces and More recently TSN was delighted to jurisdiction is affirmed from year to year by enhances the firm’s position within the announce the addition of Keith Azopardi QC the leading law directories and by its jurisdiction’s top tier firms. to the firm. Keith was appointed as one of growing portfolio of local and international

Times of change at Triay & Triay Triay & Triay are delighted to announce that Alan Buchanan has become a partner at the firm, with effect from the beginning of July this year.

Alan joined Triay & Triay in September 2008 and was admitted to the Gibraltar bar after being called to the bar in Northern Ireland and practicing there for 5 years at a top tier law firm C&H Jefferson. Alan is part of the corporate and commercial team at Triay & Triay and has wide ranging experience in corporate and commercial matters as well as employment law.

Melo Triay, managing partner at the firm, told B2B of the recent appointment “We are delighted to invite Alan Buchanan to join the partners at Triay & Triay. Alan is a leading and integral part of our corporate and commercial team and has consistently delivered practical and sound legal advice consistent with the firms unrivalled reputation and firm commitment to excellence”

Alan Buchanan

41

People on the Move

New finance director at MH Bland Group The Board of Directors of the MH Bland group of companies is happy to announce that Alex Sorrell has joined them as Finance Director with effect from the 1st June 2012.

Alex obtained a First Class Joint Honours Degree in Accountancy & Business Studies and attended the Wharton Business School in Philadelphia, USA. In 1989 he joined Price Waterhouse in Edinburgh and, following his qualification as a chartered accountant, moved with Price Waterhouse to Los Angeles where he was promoted to audit manager. After 3 years in

the USA he moved to Manchester and was promoted to audit senior manager. In 2002 he left PricewaterhouseCoopers to become Group Finance Director of Music Box Leisure Ltd, then a privately owned international media and distribution company which later became an AIM quoted company. Alex brings his experience of financial management and control and broad strategic understanding of international groups to the board of the MH Bland Group of companies.

Alex is married with 3 children, enjoys kite-surfing, sailing and snowboarding and is a keen supporter of Manchester United.

Alex Sorrell

A FULL SERVICE AGENCY MAGAZINE ADS, NEWSPAPER ADS, RADIO ADS

TV ADS, GRAPHIC DESIGN, WEB DESIGN FLASH

BANNE RS ,

—

S.E.O. , BROCHURES

LEAFLETS, LOGOS, CORPORATE STATIONERY BANNERS , BILLBOARDS, ROLL-UPS, POSTERS

SIGNAGE, ADVERTORIALS, DIRECT MARKETING SALES PROMOTIONS, CORPORATE VIDEOS PRESENTATIONS,

PRESS ,

PRINTING

www.copywrite.net 9, Cooperage Lane, PO Box 935, Gibraltar Tel.: +350 200 41700 · Fax.: +350 200 77649

42

People on the Move

Anglo Hispano appoint new strategic development manager Rocío Corrales Martín, recently appointed as Strategic Development Manager at Anglo Hispano in Gibraltar, is in charge of the Marketing & Sales team and a new member of Senior Management.

on business and life in general.

Sailing and the wine & spirits industry are two of her passions today!

Rocio’s main responsibilities at Anglo Hispano are to develop and implement a sales & marketing strategy for the company, look at ways of diversifying the business without moving away from the Company’s core activities, development of the brands, advertising campaigns and development of the team in general.

She has a proven track record as a marketing, PR & sales professional for the last 16 years in management positions in a variety of industries, including wines & spirits, golf, marine and market research.

Born in Spain, Rocio was brought up in The Netherlands and the UK for many years and received primary education at the European School in Holland. As a result she is now multilingual, speaking and writing fluently; English, Spanish, French and Dutch. Working in The Netherlands, Belgium, the Dominican Republic, France and Spain has given her a very open mind and international view

Rocío Corrales Martín

‘With her broad experience internationally in a wide variety of areas we are happy that Rocio has chosen as her next venture to become part of the Anglo Hispano Team,’ John Isola told B2B.

EWMS

OFFICE RECYCLING SERVICES

CONFIDENTIAL DOCUMENT SHREDDING

(SECURITY LEVEL 4)

WASTE PAPER RECYCLING GENERAL HAZARDOUS WASTE DISPOSAL TONERS - COMPUTERS - LIGHT BULBS - FLORESCENTS - BATTERIES

Contact us on - ewmsgib@gibtelecom.net | Visit our website on - www.ewms.gi

43

www.gibraltarlawyers.com

Trusted since 1892 We offer the stability and security of advice that only the longest established law firm in Gibraltar can do. So whatever you’re planning, wherever you’re headed, we’re right behind you.

For all your legal requirements, contact:

info@isolas.gi Portland House, Glacis Road, PO Box 204, Gibraltar Tel: +350 2000 1892 Fax: +350 200 78990 www.gibraltarlawyers.com